June 15, 1994 |
12 BCCI Executives Convicted of Fraud: The founder and 11 other former top executives of the collapsed Bank of Credit and Commerce International were convicted in a criminal trial in Abu Dhabi, United Arab Emirates, and given prison sentences ranging from three to 14 years. Charges included dissipating shareholder funds, forging bank records and granting fictitious loans. In response to a separate civil suit filed by the Abu Dhabi government, whose ruling family owned 77.
November 8, 1992 |
Gulf Arabs will soon have their own Disneyland--Islamic style. The emirate of Abu Dhabi is in the final planning stages of a Disneyland-style entertainment park to be built on a spectacular man-made island. The government of Abu Dhabi, the capital of the United Arab Emirates (UAE), has spent millions of dollars in the last six years on dredging and stacking boulders to mold the Gulf's first artificial island for the park that could cost up to $2 billion.
November 27, 2007 |
Citigroup Inc., suffering huge losses on mortgage-related securities, said late Monday that an arm of the Abu Dhabi government would invest $7.5 billion in the giant U.S. bank. The cash infusion would give the Abu Dhabi Investment Authority a stake of as much as 4.9% in Citigroup.
July 11, 2006 |
Abu Dhabi, the richest of seven sheikdoms in the United Arab Emirates, has signed an agreement with the Guggenheim Foundation to build a modern art museum designed by Pritzker Prize-winning architect Frank O. Gehry. The museum will be the first Guggenheim in the Middle East, joining properties in New York, Berlin, Las Vegas, the Italian city of Venice and Bilbao in Spain, according to an e-mailed statement from Abu Dhabi's government.
March 24, 2009 |
German carmaker Daimler said Monday that the sale of a 9.1% stake to an Abu Dhabi investment fund gives it an advantage over rivals that have yet to seek additional cash as automotive markets shrink. Daimler raised $2.66 billion selling new shares to Aabar Investments. The money will be used to finance fuel-saving technology such as development of battery-powered vehicles, Chief Executive Dieter Zetsche said.
July 25, 2007 |
New York buyout firm Apollo Management is proposing to raise as much as $1.1 billion in a private placement of stock. The plan, reported by the Financial Times on Tuesday, follows moves by several other large private equity firms, including Blackstone Group and Kohlberg Kravis Roberts & Co., to sell stakes by going public. The company plans to sell a stake of about 12.5%, implying a market value of as much as $8.